Kentucky VA Mortgage Loan Guidelines for 2020

Complete List of VA Loan Benefits for Kentucky Veterans

• Eligible homebuyers are not required to have a down payment in most cases – typically cited as the greatest VA loan benefit. Conventional loans generally require a 5 percent down payment, and FHA loans require 3.5 percent.
No monthly mortgage insurance premiums or PMI to pay. FHA loans come with both an upfront and an annual mortgage insurance charge. Conventional buyers typically need to pay for private mortgage insurance unless they’re making a down payment of 20 percent or more.

• Limitation on buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4 percent in concessions.

• Lower average interest rates than other loan types. VA loans continue to have the lowest average interest rates of all loan types.

• No prepayment penalties. VA buyers can pay off a loan early without any financial penalties.

Two refinance options. The VA loan program allows homeowners with existing VA loans the option to lower their monthly payment with a new interest rate. Eligible homeowners who financed their property
with a loan other than a VA loan can refinance into the VA loan program.

Second tier entitlement. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

• An assumable mortgage, typically subject to VA and/or lender approval. You may be able to have someone take over your mortgage payment, which can be a big benefit in an environment of rising interest rates.

Foreclosure avoidance advocacy from the VA loan program. The VA has staff members who advocate on behalf of homeowners to find alternatives to foreclosure.

Contact us today for loan approval and let our 25 years of experience go to work for you. Credit scores down to 580. Call /text 502-905-3708 or click the link below to apply.


Kentucky VA Home Loan Guide
Kentucky VA Home Loan Guide

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.

Text/call:      502-905-3708

fax:            502-327-9119




Kentucky VA Mortgage Loan Limits for 2020 for Kentucky Veterans


 New Kentucky VA Mortgage Loan Limits for 2020 for Kentucky Veterans

VA loans no longer have a maximum loan amount.

  • Veterans, active-duty service members, National Guard members, and surviving spouses (those who qualify) will be able to get a VA home loan for any amount, with no required down payment.
  • Income guidelines are still in place.
  • With loan limits now gone you can borrow 100% of what you financially qualify for.
  • Loan limits will still be applied if you have one or more active VA loans or if you’ve defaulted on a previous VA loan.
  • Mortgage insurance is not needed..

 Funding Fees for VA Loans Are Not Going Away

Even with the loan limits going away, there is still an upfront funding fee for all VA loans (unless you are getting a VA home loan as an active-duty service member who’s received a Purple Heart). 2020 brought changes to these funding fees.

Here’s the updated funding fee percentages for VA loans:


To explain further, the fee for first-time use went up from 2.15% in 2019 to 2.30% in 2020. The fee for subsequent use went up from 3.3% in 2019 to 3.6% of the loan in 2020. These fees will stay in place until 2022, and you can choose to pay the funding fee up front or just roll it into the total cost of the home loan.


Additional VA Loan Benefits:

  • You can reuse your VA mortgage benefits over and over
  • You don’t have to be a first-time home buyer
  • No pre-payment penalty so you’re free to consider future home purchases and refinancing options
  • Can be used to buy a house, condo, newly-built home, and other types of properties
  • Your eligibility never expires

How Do You Know If You’re Eligible for a VA Loan?

Eligibility is based on specific guidelines established through the U.S. Department of Federal Affairs. These guidelines are typically based on service and discharge requirements.


Are There Limits for VA Loans in Kentucky?

Before January 2020, there were strict limits on Kentucky VA loans with the max loan being $484,500.00 President Trump  signed a bill that now allows buyers to borrow amounts above conforming loan limits of $510,400 for 2020 loan limits in Kentucky.

Loan limits are going to be still in place for veterans with multiple active VA loans, or those who may have defaulted previously.

Kentucky VA Loan Limits by County for 2020

  • Adair$510,400
  • Allen$510,400
  • Anderson$510,400
  • Ballard$510,400
  • Barren$510,400
  • Bath$510,400
  • Bell$510,400
  • Boone$510,400
  • Bourbon$510,400
  • Boyd$510,400
  • Boyle$510,400
  • Bracken$510,400
  • Breathitt$510,400
  • Breckinridge$510,400
  • Bullitt$510,400
  • Butler$510,400
  • Caldwell$510,400
  • Calloway$510,400
  • Campbell$510,400
  • Carlisle$510,400
  • Carroll$510,400
  • Carter$510,400
  • Casey$510,400
  • Christian$510,400
  • Clark$510,400
  • Clay$510,400
  • Clinton$510,400
  • Crittenden$510,400
  • Cumberland$510,400
  • Daviess$510,400
  • Edmonson$510,400
  • Elliott$510,400
  • Estill$510,400
  • Fayette$510,400
  • Fleming$510,400
  • Floyd$510,400
  • Franklin$510,400
  • Fulton$510,400
  • Gallatin$510,400
  • Garrard$510,400
  • Grant$510,400
  • Graves$510,400
  • Grayson$510,400
  • Green$510,400
  • Greenup$510,400
  • Hancock$510,400
  • Hardin$510,400
  • Harlan$510,400
  • Harrison$510,400
  • Hart$510,400
  • Henderson$510,400
  • Henry$510,400
  • Hickman$510,400
  • Hopkins$510,400
  • Jackson$510,400
  • Jefferson$510,400
  • Jessamine$510,400
  • Johnson$510,400
  • Kenton$510,400
  • Knott$510,400
  • Knox$510,400
  • Larue$510,400
  • Laurel$510,400
  • Lawrence$510,400
  • Lee$510,400
  • Leslie$510,400
  • Letcher$510,400
  • Lewis$510,400
  • Lincoln$510,400
  • Livingston$510,400
  • Logan$510,400
  • Lyon$510,400
  • Madison$510,400
  • Magoffin$510,400
  • Marion$510,400
  • Marshall$510,400
  • Martin$510,400
  • Mason$510,400
  • Mccracken$510,400
  • Mccreary$510,400
  • Mclean$510,400
  • Meade$510,400
  • Menifee$510,400
  • Mercer$510,400
  • Metcalfe$510,400
  • Monroe$510,400
  • Montgomery$510,400
  • Morgan$510,400
  • Muhlenberg$510,400
  • Nelson$510,400
  • Nicholas$510,400
  • No County$510,400
  • Ohio$510,400
  • Oldham$510,400
  • Owen$510,400
  • Owsley$510,400
  • Pendleton$510,400
  • Perry$510,400
  • Pike$510,400
  • Powell$510,400
  • Pulaski$510,400
  • Robertson$510,400
  • Rockcastle$510,400
  • Rowan$510,400
  • Russell$510,400
  • Scott$510,400
  • Shelby$510,400
  • Simpson$510,400
  • Spencer$510,400
  • Taylor$510,400
  • Todd$510,400
  • Trigg$510,400
  • Trimble$510,400
  • Union$510,400
  • Warren$510,400
  • Washington$510,400
  • Wayne$510,400
  • Webster$510,400
  • Whitley$510,400
  • Wolfe$510,400
  • Woodford$510,400